Persistent System -Buy Above 5000, Sell Below 4790

vedgawkar Updated   

Technically speaking, Persistent System has been in an upward channel for some time now so two types of trades can be initiated here: one is buying the stock when it closes above 5000 with stop loss at 4900 and targets at 5250-5400-5500. However, this should only be done if there’s confirmation from volume as well as closing filter applied for 2 bars closing together or more before initiating trade. On the other hand, short side could also be initiated if Persistent System closes below 4790 with SL of 4900 & Target of 4650 and 4650 and as RSI is in Overbought Zone.
Overall probability of success would depend upon whether breakout happens or not, since we have seen stocks consolidating within channels over past months, chances are higher for successful Short Trade than Breakout Trade. Hence once should be flexible while taking any position.
Trade closed: target reached

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.